The clock is ticking, and creditors are anxiously awaiting the moment when the checks arrive in the mail from defunct New York law firm Dewey & LeBoeuf. But first, the firm needs to call in all of its unpaid bills.
While everyone continues to watch with morbid fascination as the firm goes through its final death throes, perhaps the latest item of intrigue happens to be a list of Dewey’s 50 largest account debtors. And the variety is particularly noteworthy, with debtors ranging from governments, banks, insurance companies, a bankrupt Major League Baseball team and scores of others.
The list of debtors cropped up just days after Dewey’s former partners had a conference call with the firm’s bankruptcy advisers and the two partners left overseeing the wind down regarding the progress of a clawback settlement. The plan seeks to settle all remaining claims from more than 5,000 creditors in the next two weeks.
The expedited settlement timetable is intended to secure an agreement prior to the end of July, when a six-week plan to fund the bankruptcy process using lenders’ cash collateral expires.